T2S Release – Information on the production launch in June 2025
Clearstream Banking AG, Frankfurt1 informs clients about the upcoming TARGET2-Securities release in June 2025 (T2S R2025.JUN). According to the T2S Release Concept, the release will be deployed on
the weekend 14 and 15 June 2025
for business day, Monday, 16 June 2025
T2S Release R2025.JUN – Scope
With the T2S Release in June 2025, nine Change Requests (CRs) will be introduced in production. They have already been approved at T2S Steering Level. In the event of urgency and if priority is given, further functional updates might be authorised by the Operational Managers Group (OMG). If such changes are announced by T2S, CBF will inform clients in due time.
With this Announcement, CBF informs clients about the scope elements for T2S Release R2025.JUN and indicates if the modification might impact CBF clients acting in ICP and/or DCP mode:
- Overview T2S Change Requests
The report attached shows nine approved T2S Change Requests (CRs). More details on these requirements can be found in the related ECB documentation2. - Problem Tickets (PBIs)
CBF regularly reviews the lists of pending PBIs provided by T2S. The analysis of the list published beginning of December 2024 shows that currently two T2S Problem Tickets (PBIs) that might impact CBF’s clients operating in ICP or DCP mode. Two further PBI can affect DCPs only. - Transition plan
The installation of the T2S Release into production is planned for the second weekend in June 2025. The deployment will be executed via the “Release Weekend Schedule”. In line with the deployment approach of previous T2S Releases, the schedule of the T2S Operational Day will be modified due to the implementation activities. The deployment will start once the end of day procedure (“T2S End of Day”) on Friday, 13 June 2025, has been completed. Beginning of June 2025, CBF aims to provide an indicative timeline for changes in the operational day during the deployment weekend.
The table below provides an overview of the important T2S milestones within the next months:
T2S Service Transition Plan
Activity for T2S Release in June 2025 | Date |
Publication date for draft Scope defining set of documents | Tuesday, 4 February 2025 |
Latest publication date for updated Scope defining set of documents | Thursday, 13 March 2025 |
Service Transition Status Report for R2025.JUN in Pre-Production | Montag,14 April 2025 |
OMG Go/No-go decision to deploy R2025.JUN to Pre-Production | Tuesday 15 April 2025 |
Deployment of R2025.JUN to Pre-production | Tuesday 29 April 2025 |
End of testing of R2025.JUN scope elements in Pre-Production | Tuesday, 27 May 2025 |
Market Infrastructure Board (MIB) approves the R2025.JUN deployment to Production | Tuesday, 3 June 2025 |
Deployment of R2025.JUN to Production | Saturday, 14 June 2025 |
T2S Release in June 2025 - Implementation timeline
T2S CR with potential client impact
The following CR complements the current scope of services and will be available to CBF clients after the implementation of T2S Release R2025.JUN. These changes do not require any software modifications in CBF's client-facing systems. However, CBF recommends clients to review the changes for any necessary adjustments in their operational procedures.
T2S-0797-SYS “T2S should support cross-border settlement via alternative Security CSD Links”
T2S aims to be a platform which facilitates cross-border settlement throughout all participating markets. However, T2S Actors can still not settle any security issued in one T2S CSD with any counterparty in other T2S CSDs. T2S-0797-SYS was designed to create new additional Security CSD Links for alternative settlement solutions where a direct settlement is not possible today. More details regarding this CR will be provided with the next update to this announcement planned for beginning of next year.
T2S-0797-SYS has no impact on intra-CSD movements with all parties involved being clients to one T2S CSD (deliverer and receiver both CBF clients for instance). Only cross-border transactions are affected, especially those which still cannot be settled because the security is made available via external intermediaries such as external CSDs/ICSDs/custodians.
Client simulation
In the light of the service update in the T2S functionality, clients may decide to enter regression test cases in the CBF Client Simulation environment (IMS23). The already established static data for CBF accounts and the related connectivity settings in IMS23 remain unchanged. For regression testing, send an email to t2s-support@clearstream.com to be registered as tester and to receive more details about the simulation requirements.
The updated software for T2S Release R2025.JUN will be installed on Monday, 29 April 2025, in the T2S Pre-Production Environment (UTEST). A dedicated web page provides information on the availability of the CBF client simulation environment.
Further information
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer. Questions related to the technical connection can be addressed to Connectivity Support. Particular questions related to the production launch in June 2025 will be routed to and answered by the experts of the T2S Release Management.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. Details about the scope elements of the T2S Release are published on the ECB’s website.